The Philadelphia Orchestra Association Officially Emerges From Chapter 11
Tuesday, July 31, 2012
(Philadelphia, July 31, 2012)—The Philadelphia Orchestra Association (POA) and its wholly owned subsidiary, the Academy of Music, Inc. (AOM), announced today that it has officially emerged from Chapter 11 bankruptcy protection, effective July 30, 2012. As previously announced, the Association’s Plan of Reorganization was confirmed by the United States Bankruptcy Court of the Eastern District of Pennsylvania on June 28, 2012. Through its financial reorganization, the Association addressed more than $100 million in claims, debts, and liabilities with a settlement of $5.49 million. Of that total, $4.25 million will be paid as of the effective date. The remainder of the Association’s settlement payments will be distributed based upon previously agreed upon multi-year schedules.
“We are deeply grateful to all who have championed and supported our Orchestra during this difficult yet necessary process,” said Allison Vulgamore, president and CEO of The Philadelphia Orchestra Association. “With the conclusion of our financial reorganization, we turn the institution’s full focus to what we are all passionate about—sharing the incredible artistry of The Philadelphia Orchestra with our Philadelphia audiences, especially as we welcome the electrifying Yannick Nézet-Séguin as music director in October. The Philadelphia Orchestra remains among the best in the world, bringing audiences to the edge of their seats, earning rave reviews and generating enthusiasm in this great city and as its ambassador abroad. There is much critical diligence and fiscal capitalization to be achieved for the Orchestra and we embrace this new era—and our audiences—with gratitude and dedication.”